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"ABSTRAKPenelitian ini bertujuan untuk mengetahui apakah current ratio, fixed chargecoverage, net income margin, financial slack, sales growth, dan debt ratio secarasignifikan menentukan financial constraints serta untuk mengetahui hubungannyadengan return saham. Penelitian ini menggunakan analisis regresi logit untukpengelompokan perusahaan berdasarkan status financial constraint dan analisisregresi sederhana digunakan untuk mengetahui hubungan antara financialconstraint dan return saham. Hasil penelitian menunjukkan bahwa pada tingkatsignifikansi 5% variabel yang secara signifikan mempengaruhi status financialconstraint adalah current ratio, fixed charge coverage, net income margin, dan debtratio. Sedangkan analisis regresi financial constraint dan return sahammenunjukkan hubungan yang negatif.

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ABSTRACTThis study aims to determine whether current ratio, fixed charge coverage, netincome margin, financial slack, sales growth, and the debt ratio significantlydetermine financial constraints and to investigate its relationship with stock returns.This study uses logit regression analysis for grouping companies based on the statusof financial constraints and ordinary regression analysis is used to determine therelationship between financial constraints and stock returns. The results show thatat 5% significance level variables that significantly affect the status of financialconstraint is current ratio, fixed charge coverage, net income margin, and debt ratio.While the regression analysis of financial constraints and stock returns show anegative relationship."

"Penelitian ini dilakukan untuk menganalisa pengaruh earnings terhadap stock returns pada perusahan yang terdaftar di Bursa Efek Indonesia periode 2006- 2012. Sampel yang digunakan adalah 104 perusahaan. Earnings dalam penelitian ini diproksi dengan Earnings Per Share (EPS) dan stock returns diproksi dengan perubahan harga saham. Dalam menganalisis penelitian ini digunakan empat model penelitian, yaitu Price Model, Return Model, Differenced Model, dan Deflated Model. Penelitian ini membagi periode waktu menjadi dua bagian, yaitu sebelum dan setelah terjadinya krisis ekonomi global. Hasil penelitian menunjukkan bahwa earnings berpengaruh terhadap stock returns. Dari empat model penelitian yang digunakan, Price Model merupakan model penelitian yang paling mampu menjelaskan pengaruh earnings terhadap stock returns.

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This study was conducted to analyze the effect of earnings on stock returns at the companies listed in Indonesia Stock Exchange 2006-2012 period. The samples used were 104 companies. The earnings in this study proxy by earnings per share (EPS) and stock returns proxy by stock price changes. In analyzing this research study used four models, namely Model Price, Return Model, Differenced model, and Deflated Model. This study divides the time period into two parts, there were before and after the global economic crisis. The results showed that earnings affect stock returns. From the four models used in this study, the Price Model is the most capable research model explaining the effect of earnings on stock returns. "

"Penelitian ini memiliki tujuan untuk menganalisis pengaruh financial leverage termasuk short-term dan long-term leverage teirhadap equity returns perusahaan. Equity returns merupakan tingkat return ekuitas perusahaan. Sedangkan, financial leverage merupakan utang yang dimiliki perusahaan dan menjadi variabel yang digunakan dalam penelitian ini, short-term leverage dan long-term leverage merupakan bagian dari utang perusahaan dimana short-term leverage merupakan utang jangka pendek yang dimiliki oleh perusahaan dan long-term leverage merupakan utang jangka panjang. Equity returns dapat dipengaruhi oleh beberapa faktor termasuk financial leverage. Penelitian ini menggunakan sampel berupa perusahaan non-keuangan yang terdaftar di Bursa Efek Indonesia pada periode 2012-2021 dengan menggunakan teknik penarikan sampel purposive sampling. Jenis data yang digunakan dalam penelitian ini merupakan data panel yang terdiri dari data time series dan cross section. Dalam penelitian ini, terdapat 3 model yang memiliki perbedaan pada variabel independent yang digunakan serta adanya penggunaan variabel kontrol. Hasil penelitian ini menunjukan bahwa financial leverage perusahaan termasuk short-term dan long-term leverage memiliki pengaruh yang negatif dan signifikan terhadap equity returns. Hasil tersebut mengindikasikan bahwa semakin tinggi leverage maka equity returns perusahaan yang didapatkan akan semakin rendah.

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This research analyzes the effect of financial leverage including short-term and long-term leverage on company equity returns. Equity returns are the rate of return on company equity. Meanwhile, financial leverage is debt owned by the company and is the variable used in this research, short-term leverage and long-term leverage are part of the company's debt where short-term leverage is short-term debt owned by the company and long-term leverage is a long-term debt. Equity returns can be influenced by several factors including financial leverage. This research uses a sample of non-financial companies listed on the Indonesia Stock Exchange in the 2012-2021 period using a purposive sampling technique. The type of data used in this research is panel data consisting of time series and cross-section data. In this research, 3 models have differences in the independent variables used and the use of control variables. This research shows that the company's financial leverage, including short-term and long-term leverage, has a negative and significant influence on equity returns. These results indicate that the higher the leverage, the lower the company's equity returns."

"Penelitian ini bertujuan untuk menganalisis pengaruh dividend yield yang merupakan rasio pembagian dividen relatif dengan harga saham perusahaan dan dividend reputation atau persepsi seseorang terhadap kondisi dividen suatu perusahaan, terhadap stock returns atau rasio pengembalian saham. Terdapat pula age atau umur perusahaan dan cash flow yang menjadi variabel kontrol dalam penelitian ini karena berkaitan erat dengan karakteristik dari perusahaan. Dividend Reputation diukur dari konsistensi suatu perusahaan memberikan dividen selama seluruh periode. Penelitian menggunakan sampel perusahaan terdaftar pada Bursa Efek Indonesia periode 2012-2021 dengan kriteria memberikan dividen selama seluruh periode, tidak pernah delisted selama seluruh periode, dan memiliki data keuangan lengkap. Teknik penarikan sampel menggunakan purposive sampling dan menggunakan pendekatan data kuantitatif. Data pada penelitian menggunakan data panel yang memiliki arti gabungan cross section dan time series. Penelitian ini mendapatkan hasil bahwa terdapat pengaruh positif dari dividend yield dan dividend reputation terhadap stock returns, namun dividend reputation memiliki pengaruh yang tidak signifikan tidak seperti dividend yield yang memiliki pengaruh signifikan.

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This research aims to analyze the influence of dividend yield, which is the ratio of dividend distribution relative to the company's stock price, and dividend reputation, or an individual's perception of a company's dividend condition, on stock returns. Additionally, age or the company's age and cash flow are control variables in this study because they are closely related to the characteristics of the company. Dividend Reputation is measured by the consistency of a company in providing dividends throughout the period. The study uses a sample of companies listed on the Indonesia Stock Exchange for the period 2012- 2021, with criteria including consistently providing dividends throughout the period, never being delisted during the entire period, and having complete financial data. The sampling technique uses purposive sampling and employs a quantitative data approach. The data in the study use panel data, which combines cross-sectional and time-series data. The research results indicate a positive influence from both dividend yield and dividend reputation on stock returns, but dividend reputation has a non-significant impact unlike dividend yield, which has a significant effect."

"[Penelitian ini membahas determinan Value of Financial Flexibility di Indonesia pada periode 2009-2013 dengan pendekatan teoritis Gamba dan Triantis (2008) serta model yang dikembangkan oleh Rapp et al (2014). Sampel yang digunakan dalam penelitian berjumlah 99 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia. Hasil penelitian ini menunjukkan hal penting terkait determinan Value of Financial Flexibility. Pertama, growth opportunities dan profitabilitas berpengaruh positif terhadap Value of Financial Flexibility walaupun growth opportunities tidak berpengaruh secara signifikan. Kedua, effective cost of holding cash, cost of external financing dan reversibility of capital secara signifikan berpengaruh negatif terhadap Value of Financial Flexibility.

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Architecture is an ongoing procesess, that makes architecture change to a form that does not fixed. Wastra decoration addition is a modified form by the user to the

building, as a way to adjust space to the function and activities change. So the architecture can be changed by a continual process. This thesis will try to see wastra

as a represented form of architecture that transforms the fixed architecture to become unfixed, as a continuation process of the architecture. And the role wastra as building decoration in changing the architecture to be able to receive different function and activities.;Architecture is an ongoing procesess, that makes architecture change to a form that

does not fixed. Wastra decoration addition is a modified form by the user to the

building, as a way to adjust space to the function and activities change. So the

architecture can be changed by a continual process. This thesis will try to see wastra

as a represented form of architecture that transforms the fixed architecture to become

unfixed, as a continuation process of the architecture. And the role wastra as

building decoration in changing the architecture to be able to receive different

function and activities.;Architecture is an ongoing procesess, that makes architecture change to a form that

does not fixed. Wastra decoration addition is a modified form by the user to the

building, as a way to adjust space to the function and activities change. So the

architecture can be changed by a continual process. This thesis will try to see wastra

as a represented form of architecture that transforms the fixed architecture to become

unfixed, as a continuation process of the architecture. And the role wastra as

building decoration in changing the architecture to be able to receive different

function and activities., Architecture is an ongoing procesess, that makes architecture change to a form that

does not fixed. Wastra decoration addition is a modified form by the user to the

building, as a way to adjust space to the function and activities change. So the

architecture can be changed by a continual process. This thesis will try to see wastra

as a represented form of architecture that transforms the fixed architecture to become

unfixed, as a continuation process of the architecture. And the role wastra as

building decoration in changing the architecture to be able to receive different

function and activities.]"

"ABSTRAKPenelitian ini bertujuan untuk menganalisis hubungan simultan antarakonservatisme akuntansi dan financial distress. Penelitian ini didasarkan padapemahaman bahwa antara kedua variabel tersebut dapat memiliki pengaruh satusama lain. Pengumpulan data menggunakan metode purposive sampling terhadapperusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2009-2010. Hasil penelitian menunjukkan bahwa konservatisme akuntansi tidakberpengaruh signifikan terhadap financial distress. Namun pada arah sebaliknya,financial distress berpengaruh signifikan negatif terhadap konservatismeakuntansi. Sehingga dapat disimpulkan bahwa antara konservatisme akuntansi danfinancial distress tidak memiliki hubungan dua arah.

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AbstractThe purpose of this research is to analyze the simultaneous relationship betweenaccounting conservatism and financial distress. This research is based on theunderstanding that between two variables may have influence with one another.Collecting data using a purposive sampling method to manufacturing companieslisted in Indonesian Stock Exchange period 2009-2010. The result suggests thataccounting conservatism have no significant on financial distress. In the oppositedirection, financial distress have significant negative impact on accountingconservatism. So, it can be concluded that the accounting conservatism andfinancial distress have no simultaneous relationship."

"Penelitian ini bertujuan untuk menganalisis hubungan simultan antara konservatisme akuntansi dan financial distress. Penelitian ini didasarkan pada pemahaman bahwa antara kedua variabel tersebut dapat memiliki pengaruh satu sama lain. Pengumpulan data menggunakan metode purposive sampling terhadap perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2009- 2010. Hasil penelitian menunjukkan bahwa konservatisme akuntansi tidak berpengaruh signifikan terhadap financial distress. Namun pada arah sebaliknya, financial distress berpengaruh signifikan negatif terhadap konservatisme akuntansi. Sehingga dapat disimpulkan bahwa antara konservatisme akuntansi dan financial distress tidak memiliki hubungan dua arah.

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The purpose of this research is to analyze the simultaneous relationship between accounting conservatism and financial distress. This research is based on the understanding that between two variables may have influence with one another. Collecting data using a purposive sampling method to manufacturing companies listed in Indonesian Stock Exchange period 2009-2010. The result suggests that accounting conservatism have no significant on financial distress. In the opposite direction, financial distress have significant negative impact on accounting conservatism. So, it can be concluded that the accounting conservatism and financial distress have no simultaneous relationship."

"Penelitian ini bertujuan untuk menganalisis hubungan excess cash terhadap return saham perusahaan non-keuangan dan non-utilitas di Indonesia periode tahun 2000-2013. Excess cash diestimasi dengan mencari nilai excess cash measures (ECM) yang didapatkan dari nilai residual regresi cross-sectional rasio kas terhadap variabel bukan kas pada variabel-variabel penentu kepemilikan kas perusahaan. Ditemukan bahwa tidak ada pola hubungan tertentu antara excess cash dan return saham tetapi ditemukan bahwa tinggi rendahnya kondisi tingkat return pasar mempengaruhi hubungan excess cash dan return saham. Perusahaan dengan tingkat excess cash yang tinggi menunjukkan return saham yang lebih baik pada kondisi tingkat return pasar tinggi maupun rendah.

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This paper study the relationship between corporate excess cash holdings and stock returns of Non-Financial and Non-Utilities firms listed on Indonesia Stock Exchange period of 2000-2013. The estimation of excess cash is measured with excess cash measures (ECM) based on residual value from cross-sectional regression of ratio cash-to-assets less cash on variables previously determined to explain corporate cash holdings. This paper finds no typical relationship between excess cash and stock returns. However, this paper also finds that market return states shows impact on relationship between excess cash and stock returns. Firms with more excess cash showed better stock returns than their low cash peers either on high and low market return states."

"ABSTRAKPenelitian ini bertujuan untuk mengetahui pengaruh faktor eksternal dan internalterhadap cash holding perusahaan. Faktor eksternal diproksikan sebagai krisiskeuangan global dan financial constraints. Sedangkan faktor internal berupainvestment opportunities set, capital expenditures, asset liquid substitutes,leverage, dan ukuran perusahaan. Dengan mengambil sampel perusahaanperusahaannon keuangan di Indonesia periode tahun 2007-2010, penelitianmenunjukkan tingkat cash holding perusahaan pada saat krisis lebih tinggidaripada sebelum krisis. Jika dikaitkan dengan financial constraints, perusahaanyang berada dalam kondisi financial constraints memiliki cash holding yang lebihrendah daripada tidak dalam kondisi tersebut. Faktor internal yang memilikipengaruh positif signifikan terhadap cash holding yaitu investment opportunitiesset sedangkan negatif signifikan yaitu asset liquid substitutes, leverage, danukuran perusahaan.

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ABSTRACTThe purpose of this study is to determine the effect of external and internal factorson firm cash holdings. External factors proxied as the global financial crisis andfinancial constraints, while internal factors or firm characteristics proxied asinvestment opportunities set, capital expenditures, liquid asset substitutes,leverage, and firm size. The sample of this study are non-financial firms inIndonesia on the periods of 2007-2010. This study showed levels of firm cashholdings in the crisis periods is higher than before. If associated with financialconstraints, firm which are in financial constraints conditions has a lower cashholdings than not in these conditions. The internal factors that have a positivesignificant effect on cash holdings are investment opportunities set, while liquidasset substitutes, leverage, and firm size are negative significant."

"Pajak merupakan salah satu sumber penerimaan negara yang memiliki porsi terbesar dalam struktur APBN. Lebih dari 70% (tujuh puluh persen) struktur APBN ditopang oleh penerimaan dari sektor pajak. Menurut Undang-Undang No 36 Tahun 2008 tentang Pajak Penghasilan, salah satu arah dan tujuan pemerintah melakukan revisi undang-undang sebelumnya adalah untuk meningkatkan daya saing dengan negara-negara lain. Peningkatan daya saing tersebut salah satunya dapat dicapai dengan peningkatan kinerja keuangan perusahaan. Sampel yang diambil untuk data studi ini adalah 30 perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia pada periode tahun 2008 sampai dengan 2009. Hasil penelitian menyimpulkan bahwa terdapat perbedaan signifikan pada rasio likuiditas dan solvabilitas, serta tidak terdapat perbedaan signifikan pada rasio rentabilitas.

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Tax is a revenue source that has the largest share in the structure of the state budget (APBN). More than 70% (seventy percent) of the APBN structure is supported by tax revenue. According to Undang-undang no. 36 of 2008 on Income Tax, one of the government's direction and purpose to revise previous legislation is to improve the competitiveness with other countries. One way in achieving it is by increasing the financial performances of companies. Samples taken for this study are 30 manufacturing companies listed in Indonesia Stock Exchange in the period 2008 to 2009. The study concluded that there are significant differences in the ratios of liquidity and solvency, and there is no significant difference in the profitability ratio"